How to destroy crypto coins? | Bitcointalksearch.org

cryptohunter

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Quote from: AllYourBaseDev on June 19, 2014, 04:56:04 PM

Quote from: cryptohunter on June 19, 2014, 01:33:20 PM

How can coins be destroyed for good? how can you ensure these coins can never be used again?

You can "burn" coins (not exactly the same as destroying, but probably what you are looking for) by sending them to an address that is unspendable.

https://en.bitcoin.it/wiki/Proof_of_burn

Yes, i think that is what we need, but how to create an address that is unspendable. This is the main issue. We need something that does not need trust that in turn leads to doubt and rumour. We were looking for a way to destroy them beyond all doubt. I guess this is not actually possible at the stage we're at now. We will have to rethink this.

AllYourBaseDev

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Quote from: cryptohunter on June 19, 2014, 01:33:20 PM

How can coins be destroyed for good? how can you ensure these coins can never be used again?

You can "burn" coins (not exactly the same as destroying, but probably what you are looking for) by sending them to an address that is unspendable.

https://en.bitcoin.it/wiki/Proof_of_burn

cryptohunter

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Quote from: r3animation on June 19, 2014, 02:52:16 PM

Quote from: cryptohunter on June 19, 2014, 02:16:51 PM

Quote from: r3animation on June 19, 2014, 01:52:42 PM

I don't think you can destroy coins as they're in the blockchain forever.

I think the only thing you can really do is send the coins to an address you don't have a private key to.

Oh i see. So if the developer of a coin said he was going to destroy 10% of the coins in existence. There would always be some people that could claim he had the private key to the address they were sent to?

Yup that would an issue. Which coin are you referring to?

bee2. The community voted to destroy about 6-7 billion coins that were not swapped, probably the bee1 that were lost on cryptorush so never swapped over. The coins have little value right now but we voted to destroy them rather than leave them hanging around.

jztxeno

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buy all coins in existence

From Above

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Just send the coins u wanna destroy to my wallet dude

~CfA~

devphp

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You can destroy NXT coins by sending them to Genesis account. It's an expensive trick though

r3animation

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Quote from: cryptohunter on June 19, 2014, 02:16:51 PM

Quote from: r3animation on June 19, 2014, 01:52:42 PM

I don't think you can destroy coins as they're in the blockchain forever.

I think the only thing you can really do is send the coins to an address you don't have a private key to.

Oh i see. So if the developer of a coin said he was going to destroy 10% of the coins in existence. There would always be some people that could claim he had the private key to the address they were sent to?

Yup that would an issue. Which coin are you referring to?

cryptohunter

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Quote from: r3animation on June 19, 2014, 01:52:42 PM

I don't think you can destroy coins as they're in the blockchain forever.

I think the only thing you can really do is send the coins to an address you don't have a private key to.

Oh i see. So if the developer of a coin said he was going to destroy 10% of the coins in existence. There would always be some people that could claim he had the private key to the address they were sent to?

r3animation

hero member

Activity: 756

Merit: 500

I don't think you can destroy coins as they're in the blockchain forever.

I think the only thing you can really do is send the coins to an address you don't have a private key to.

cryptohunter

legendary

Activity: 2100

Merit: 1167

MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG

How can coins be destroyed for good? how can you ensure these coins can never be used again?

Topic: How to destroy crypto coins? (Read 976 times)